Urban Builders signs $55.3M construction loan for 109-unit development in Norwood

Urban Builders Collaborative through the entity UBC Webster Avenue Owner LLC as borrower signed a new construction loan with lender Bank of New York Mellon valued at $55.3 million for the 109-unit development (V0) at 3118 Webster Avenue in Norwood, the Bronx.

On the lot, there is one active new building construction project for a 109-unit, 76,673 square-foot R-2 building. The project was submitted by Lattire Construction and filed by Matthew Gross with plans filed September 20, 2022 and it has not been permitted yet.

The deal closed on January 30, 2024 and was recorded on March 8, 2024.
The owner bought the property on September 27, 2018, for $3.8 million. The signatory for Urban Builders Collaborative was Matthew Gross. The signatory for Bank of New York Mellon was Jessica Neilan.

The property

The parcel has frontage of 75 feet and is 184 feet deep with a total lot size of 13,805 square feet. The zoning is R7D which allows for up to 4.2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $345,000.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $300 in OATH penalties in the last year.

The block

On this tax block, PincusCo has identified the owners of nine of the 27 commercial properties representing 145,789 square feet of the 256,294 square feet. The largest owner is Yitzchok Weinberg, followed by Surjeet Kaur and then Stagg Group.
On the tax block, there were seven new building construction projects totaling 261,997 square feet. The largest is a 109-unit, 76,673 square-foot residential (R-2) building submitted by Lattire Construction and filed by Matthew Gross with plans filed September 20, 2022 and it has not been permitted yet. The second largest is a 60-unit, 65,087 square-foot residential (R-2) building submitted by Azimuth Development Group and filed by Guido Subotovsky with plans filed August 19, 2013 and permitted April 17, 2015.

The majority, or 24 percent of the 256,294 square feet of built space are hotel buildings, with elevator buildings next occupying 20 percent of the space.

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